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INVESTMENT TRUST00008142322013-04-302013-05-012013-05-012012-12-31falseRS Investors FundInvestment ObjectiveLong-term capital appreciation.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees</b> (fees paid directly from your investment)0.04750000.010<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)0.010.010.010.00250.010.00650.01030.01310.01570.02280.03310.0322-0.0098-0.0126-0.01520.0130.02050.017RS Partners FundInvestment ObjectiveLong-term capital appreciation.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover </b><b>Example</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>The Fund invests principally in equity securities of small-capitalization companies. The Fund&#8217;s investment team considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is either up to $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $7 billion, based on the size of the largest company in the Index on March 31, 2013), whichever is greater. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 40 and 60 securities positions. <br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise). <br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.<b>Principal Risks</b>You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Equity Securities Risk <br />The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br /><br />Investment Style Risk <br />A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br /><br />Small and Mid-sized Companies Risk <br />Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. <br /><br />Overweighting Risk <br />Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br /><br />Underweighting Risk <br />If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark. <br /><br />Limited Portfolio Risk <br />To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers. <br /><br />Foreign Securities Risk <br />Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Cash Position Risk <br />To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Natural Resources Investment Risk <br />Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Annual Total Return for Class A Shares</b> (calendar year-end)<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>24.95%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-29.23%</b><b>Average Annual Total Returns</b> (periods ended 12/31/12)After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.50000Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.April 30, 20140.39You may lose money by investing in the Fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Best Quarter</b>2003-06-300.2495601308173<b>Worst Quarter</b>2008-12-31-0.292310649018501552161815512894351834170.047500060117320810649018501552161815512894351834170.010.01<b>Portfolio Turnover</b>0.00250.0065The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 97% of the average value of its portfolio.0.00240.00290.01490.0194-0.0003-0.0003Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>0.01460.0191The Fund invests in securities that the Fund&#8217;s investment team believes are undervalued. The Fund will typically invest most of its assets in equity securities of small-, mid-, or large-capitalization companies. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund will likely hold a more limited number of securities than many other mutual funds. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 25 and 30 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise). <br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.<b>Principal Risks</b>61719492160612471044216822620.13720.12030.10650.18050.18840.18050.03460.02870.02840.03550.04050.03550.11980.10610.0950.10140.11180.10090.09670.09530.03290.0183You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk <br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk <br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small and Mid-sized Companies Risk <br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.<br/><br/>Non-diversification Risk<br/>The Fund is a non-diversified mutual fund. A non-diversified fund is able to invest its assets in a more limited number of issuers than a diversified fund, so a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund were a diversified fund.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk <br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Natural Resources Investment Risk <br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Annual Total Return for Class A Shares</b> (calendar year-end)0.1755-0.0072-0.4950.51320.2488-0.05080.2146<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2009&nbsp;&nbsp;<b>26.20%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-35.17%</b><b>Annual Return for Class A Shares</b> (periods ended 12/31/12)0.15730.15170.10220.17550.19590.17550.21040.17550.00940.00420.00540.00830.00980.00830.01210.00830.03490.02220.02370.0366-0.0056-0.0030.00820.00561995-07-121995-07-121995-07-121995-07-122006-10-132006-10-13RS Select Growth FundInvestment Objective0.65630.31810.1194Long-term capital growth.Fees and Expenses of the Fund0.1119-0.0378-0.38630.43670.2796-0.07590.1939The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)2005-11-152005-11-152005-11-152007-07-242007-07-242007-01-032007-01-032005-11-150.04750000.010<b>Best Quarter</b>2009-06-300.262<b>Worst Quarter</b>2008-12-31-0.3517After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)April 30, 20140.010.010.010.00250.010.00650.0030.00350.00860.01550.02350.0251<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSPartnersFund column period compact * ~</div>
<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSPartnersFund column period compact * ~</div>
-0.002-0.002-0.0020.01350.02150.0231<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSPartnersFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedRSPartnersFund column period compact * ~</div>
April 30, 2014You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.<b>Assuming Redemption at End of&nbsp;&nbsp;Period</b><b>Assuming No Redemption</b>50000You may lose money by investing in the Fund.Non-diversification Risk<br/>The Fund is a non-diversified mutual fund. A non-diversified fund is able to invest its assets in a more limited number of issuers than a diversified fund, so a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund were a diversified fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSPartnersFund column period compact * ~</div>
<b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b>606318234923714763126212371318221726712831<a name="protoc467180_4"></a>RS Mid Cap Growth FundInvestment ObjectiveLong-term capital growth.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.606218234923714763<a name="protoc467180_5"></a>RS Growth Fund126212371318221726712831Investment ObjectiveLong-term capital growth.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.0475000.04750000.010<a name="protoc467180_6"></a>RS Technology FundInvestment ObjectiveLong-term capital growth.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.0475000.00850.00850.00850.00250.010.00650.00410.00620.0059<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSInvestorsFund column period compact * ~</div>
00.0100.01510.02470.0209-0.0023-0.0023-0.00230.01280.02240.01860.0080.0080.0080.00250.010.0065<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSInvestorsFund column period compact * ~</div>
0.00320.00520.0049<b>Portfolio Turnover </b>0.01370.02320.0194-0.0012-0.0019-0.0022<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSInvestorsFundBarChart column period compact * ~</div>
0.01250.02130.0172The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 112% of the average value of its portfolio.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedRSInvestorsFund column period compact * ~</div>
1.12You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:50000<b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 110% of the average value of its portfolio.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b><b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)The Fund typically invests in a portfolio of small- and mid-capitalization growth-oriented companies. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund invests principally in equity securities of companies with market capitalizations (at the time of purchase) of either up to $8 billion or 120% of the market capitalization of the largest company included in the Russell 2500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $13.1 billion, based on the size of the largest company in the Index on March 31, 2013), whichever is greater. The Fund may hold investments in companies whose market capitalizations fall outside the preceding parameters due to changes in values of those companies after the Fund&#8217;s purchase of their securities.<br/><br/>The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. Valuation is an integral part of the investment process and purchase decisions are based on the investment team&#8217;s expectation of the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.<b>Principal Risks </b>The Fund invests principally in equity securities. The Fund normally invests at least 80% of its net assets in companies considered by the Fund&#8217;s investment team at the time to be mid-capitalization companies. The Fund&#8217;s investment team currently considers a company to be a mid-capitalization company if the company has a market capitalization of at least $1 billion and at most 120% of the market capitalization of the largest company included in the Russell Midcap<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $35.6 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. Valuation is an integral part of the investment process and purchase decisions are based on the investment team&#8217;s expectation of the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.<b>Principal Risks </b>RS Emerging Markets Fund0.047500Investment ObjectiveYou may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk <br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br/><br/>Investment Style Risk <br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br/><br/>Mid-sized Companies Risk <br/>Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. <br/><br/>Overweighting Risk <br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br/><br/>Underweighting Risk <br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark. <br/><br/>Focused Investment Risk <br/>Focusing investments in a particular market or economic sector (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in the market or sector may decline in value due to developments adversely affecting the market or sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the particular market or sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels. <br/><br/>Portfolio Turnover Risk <br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future. <br/><br/>Cash Position Risk <br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br/><br/>Foreign Securities Risk <br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.00.010<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSInvestorsFund column period compact * ~</div>
<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleNoRedemptionRSInvestorsFund column period compact * ~</div>
<b>Annual Total Return for Class A Shares </b> (calendar year-end)Long-term capital appreciation.<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>19.30%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-28.85%</b>0.010.010.01Fees and Expenses of the Fund0.00250.010.0065<b>Average Annual Total Returns </b>(periods ended 12/31/12)0.00280.00230.0032The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.09370.09370.06090.15810.12780.15810.14180.15810.01530.02320.0188<b>Shareholder Fees </b>(fees paid directly from your investment)000<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)0.01530.02320.0188-0.0176-0.0187-0.01540.0323-0.01810.0323-0.01440.0323April 30, 2014<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 49% of the average value of its portfolio.0.49You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.0.07970.07410.06830.1032500000.07940.05890.05790.07870.02860.00830.0419-0.0119<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:0.97<b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b>Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>0.48490.12360.09520.09430.1753The Fund normally invests at least 80% of its net assets in securities of emerging market companies, which may include common stocks, preferred stocks, or other securities convertible into common stock. The Fund defines an emerging market country as one whose economy or markets are considered by the International Finance Corporation and the World Bank to be emerging or developing, as well as any country classified by the United Nations as developing. The Fund defines an emerging market company as one that is organized under the laws of, or has its principal office in, an emerging market country; derives 50% or more of its revenue from goods produced, services performed, or sales made in emerging market countries; or for which the principal securities market is located in an emerging market country. <br /><br /> The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes can sustain above-average earnings growth. Valuation is an integral part of the process. Fundamental, bottom-up research focuses on companies that rank highly within the investment team&#8217;s quantitative screen, with particular emphasis placed on a company&#8217;s earnings growth, business strategy, value creation, competitive position, management quality, market position, and political and economic backdrop. The investment team monitors market and sovereign risk as part of the overall investment process. <br /><br /> The Fund also may invest in foreign issuers through American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), or similar investment vehicles.-0.5250.39326233351910.2511<b>Principal Risks</b>0.0107935724591You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br /> Equity Securities Risk <br /> The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br /><br /> Foreign Securities Risk <br /> Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br /> Currency Risk <br /> Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. <br /><br /> Emerging Market Risk <br /> Risks of investing in emerging markets include greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country&#8217;s dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. <br /><br /> Small Companies Risk <br /> Small companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. <br /><br /> Investment Style Risk <br /> A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br /><br /> Liquidity Risk <br /> Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br /> Cash Position Risk <br /> To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br /><br />Portfolio Turnover Risk <br /> Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. <br /><br /> Overweighting Risk <br /> Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br /><br /> Underweighting Risk <br /> If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.127012401016You may lose money by investing in the Fund.221222012656Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s investment strategy and investment team changed on March 1, 2013. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.<b>Annual Total Return for Class A Shares </b>(calendar year-end)The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2009&nbsp;&nbsp;<b>44.06%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-29.41%</b><b>Average Annual Total Returns </b>(periods ended 12/31/12)Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.623235191You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk<br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small and Mid-sized Companies Risk<br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Limited Portfolio Risk<br/>To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s primary benchmark increases the risk that the Fund will underperform its primary benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its primary benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s primary benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s primary benchmark.<br/><br/>Focused Investment Risk<br/>Focusing investments in a particular market or economic sector (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in the market or sector may decline in value due to developments adversely affecting the market or sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the particular market or sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels.<br/><br/>Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.935724591After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.127012401016You may lose money by investing in the Fund.265622012212Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of two broad measures of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. Prior to May 1, 2007, the Fund was known as &#8220;RS Diversified Growth Fund&#8221;. Since May 1, 2007, the Fund has been managed by a different investment team and it has generally invested in a portfolio of fewer stocks than previously. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.0.0790.07820.05130.18630.1130.18630.12820.1863The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of two broad measures of market performance.-0.0295-0.0322-0.0263-0.0061-0.0274-0.0061-0.0236-0.00610.16120.15170.14330.16880.1570.16880.16260.1688800-766-38630.08630.07950.07520.10050.10550.13320.1374www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.<b>Annual Total Return for Class A Shares</b> (calendar year-end)The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>36.03%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-25.49%</b>After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.599327189908748633123912951103217227892403RS High Yield FundRS Low Duration Bond FundInvestment ObjectivesTo seek current income.Capital appreciation is a secondary objective.Investment ObjectiveFees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.57910.0148A high level of current income consistent with preservation of capital.-0.01590.0806Fees and Expenses of the Fund0.1368You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds.-0.45021000000.4741The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.31530.053<b>Shareholder Fees</b> (fees paid directly from your investment)5992271890.0375009087486331239129511030.1861<b>Shareholder Fees</b> (fees paid directly from your investment)60833519721722789240300.0108887246090.074<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)0.0060.0060.0060.00250.010.00650.00270.00280.00271997-05-011997-05-011997-05-011997-04-302000-08-072000-08-072001-05-152001-05-150.01120.01880.0152<b>Average Annual Total Returns </b>(periods ended 12/31/12)-0.0017-0.0018-0.00170.00950.0170.01351995-07-121995-07-121995-07-121995-07-122007-05-212007-05-212006-12-042006-12-04After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.118912401047204326562264Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Best Quarter </b>After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.2009-06-300.4406<b>Worst Quarter </b>After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.2008-12-31-0.29410.02250000.0100.53530.23530.39830.35790.4372-0.5570.9296<b>Example </b>0.1815-0.20980.1326April 30, 2014This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:4682731377015734649539998131672218617980.12960.12960.08420.16130.14590.04860.04190.04860.04070.03491996-08-011996-08-011996-08-011996-08-011996-08-014681731377015734640.0940.0940.08390.10550.0989539998130.10580.09580.0890.06860.0516167221861798<b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 103% of the average value of its portfolio.1.03Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>RS Value FundThe Fund invests primarily in securities, including high-yield corporate bonds, convertible bonds, and other debt securities, that are rated below investment grade by nationally recognized statistical ratings organizations (commonly known as &#8220;high-yield&#8221; securities or &#8220;junk bonds&#8221;) at the time of purchase or, if unrated, have been determined by the Fund&#8217;s investment team to be of comparable quality. <br /><br />The Fund&#8217;s investment team considers several factors relating to the issuer in purchasing and selling securities relative to the price of the security, such as the earnings patterns, the financial history, the management structure, and the general prospects of the issuer. The Fund&#8217;s investment team considers the duration and the maturity of the Fund&#8217;s portfolio; however, these factors are a lesser consideration than credit and yield considerations due to the nature of the high-yield securities in which the Fund invests. There is no lower limit on the rating of securities that may be in the Fund. Some of the securities that the Fund buys and holds may be in default. <br /><br />The Fund normally invests at least 80% of its net assets in debt securities and other investments that, at the time of purchase, are rated below investment grade. An investment will be considered to be rated below investment grade if it is rated by Moody&#8217;s Investors Service, Inc. and Standard &amp; Poor&#8217;s Ratings Group Ba1 or BB+, respectively, or lower or, if unrated, has been determined by the Fund&#8217;s investment team to be of comparable quality. The debt securities and other investments in which the Fund invests may include, for example, corporate bonds, mortgage-backed and asset-backed securities, zero-coupon bonds, &#8220;payment-in-kind&#8221; securities, convertible bonds, and loans. The Fund may invest in loans and corporate bonds issued in connection with highly leveraged transactions such as mergers, leveraged buy-outs, re-capitalizations, and acquisitions. <br /><br />The Fund may invest in common and preferred stocks, warrants to purchase common stocks, bonds, or other securities; typically, not more than 20% of the Fund&#8217;s assets will be invested in these types of securities. <br /><br />The Fund also may invest up to 35% of the value of its total assets in foreign securities and so-called Yankee securities, which include debt securities issued by non-U.S. corporate or government entities but denominated in U.S. dollars. <br /><br />The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation. <br /><br />The Fund may invest in loans of any maturity and credit quality. If the Fund invests in loans, the Fund&#8217;s investment team may seek to avoid the receipt of material non-public information about the issuers of the loans being considered for purchase by the Fund, which may affect its ability to assess the loans as compared to investors that do receive such information.Long-term capital appreciation.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Principal Risks </b><b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 58% of the average value of its portfolio.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>The Fund invests principally in equity securities that the Fund&#8217;s investment team believes are undervalued, of companies with market capitalizations between $1 billion and 120% of the market capitalization of the largest company included in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $35.6 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 40 and 60 securities positions. <br /><br />In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise). <br /><br />The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.Investment Objective<b>Principal Risks </b>You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Equity Securities Risk <br />The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br /><br />Investment Style Risk <br />A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br /><br />Small and Mid-sized Companies Risk <br />Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. <br /><br />Overweighting Risk <br />Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br /><br />Underweighting Risk <br />If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark. <br /><br />Foreign Securities Risk <br />Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Cash Position Risk <br />To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Natural Resources Investment Risk <br />Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks. <br /><br />Limited Portfolio Risk <br />To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Annual Total Return for Class A Shares </b> (calendar year-end)<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>20.05%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-26.55%</b><b>Average Annual Total Returns </b>(periods ended 12/31/12)After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.50000Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.608235197April 30, 2014You may lose money by investing in the Fund. The Fund may not achieve its investment objectives. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />High-yield/Junk Bond Risk<br/>Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general. <br /><br />Debt Securities Risk<br/>The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. <br /><br />Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Mortgage- and Asset-backed Securities Risk<br/>During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security&#8217;s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. <br /><br />Derivatives Risk<br/>Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations. <br /><br />Currency Risk<br/>Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. <br /><br />Loan Risk<br/>Investments in loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. They may be difficult to value and may be illiquid. If the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund&#8217;s rights to collateral may be limited by bankruptcy or insolvency laws. There may be limited public information available regarding the loan. Transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. <br /><br />Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future. <br /><br />Credit Derivatives Risk<br/>The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.0.58You may lose money by investing in the Fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.800-766-3863888724609www.rsinvestments.comYou may lose money by investing in the Fund.The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Fund Performance<b>Best Quarter</b>1189124010472009-09-30The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.0.2005<b>Worst Quarter</b>2008-12-31-0.26552043265622640.00450.00450.0045Contingent deferred sales load applies for shares sold within one year of purchase.0.00250.010.00650.00140.00170.00230.00840.01620.0133The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.www.rsinvestments.com<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSEmergingMarketsFund column period compact * ~</div>
800-766-3863RS Investment Quality Bond FundInvestment ObjectiveThe returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Annual Total Return for Class A Shares</b> (calendar year-end)<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSEmergingMarketsFund column period compact * ~</div>
To seek a high level of current income and capital appreciation without undue risk to principal.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSEmergingMarketsFundBarChart column period compact * ~</div>
Fees and Expenses of the Fund0.0890.0890.05780.15260.12390.15260.13720.1526-0.0195-0.0203-0.01690.0312-0.02060.0312-0.0150.0312<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedRSEmergingMarketsFund column period compact * ~</div>
<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2009&nbsp;&nbsp;<b>13.55%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-12.45%</b>The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.65980.29310.11670.16370.07390.05880.05920.07520.0376-0.41730.38010.08350.06670.06770.07330.03460.00830.0471-0.0132<b>Best Quarter</b>2009-06-300.25470.1355-0.1108<b>Worst Quarter</b>0.13832008-12-31-0.1245<b>Shareholder Fees</b> (fees paid directly from your investment)<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Shareholder Fees </b>(fees paid directly from your investment)00.010<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Example</b>0.20110.09150.03340.09140.0104-0.2010.0475000.389200.13540.04560.14430.0375<b>Average Annual Total Returns</b> (periods ended 12/31/12)0000.01This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:0After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>0.00850.00850.0085<b>Assuming Redemption at End of Period</b>0.00250.010.00650.00280.00270.00252007-11-152007-11-152007-11-15After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.16720.16130.14590.04860.04070.0349Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.0.04470.04150.03550.010.010.010.10190.07770.06530.15810.12750.15810.13980.15810.07740.04920.04860.10340.07780.10340.08130.10340.00250.010.00650.00340.00360.00430.08050.05320.05240.10620.07650.10620.08030.10620.01380.02120.01750.05980.03040.0320.07510.05770.08290.06860.0885<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)-0.0009-0.0008-0.00060.01290.02040.0169<b>Assuming Redemption at End of&nbsp;&nbsp;Period</b>0.0050.0050.0050.010.00250.00650.00290.00290.00240.01790.01440.0099309265135487511421-0.0014-0.0019-0.00196808817290.0160.01250.00851239192216012007-02-122007-02-122007-02-120.17510.16130.14590.04730.04070.03490.05760.04430.037309165135487511421680881729123919221601<b>Best Quarter </b>2003-06-301998-09-011998-09-011998-09-011998-09-012000-08-072000-08-072001-05-152001-05-150.3603<b>Worst Quarter </b>2008-12-31-0.254960030717288365654511861132943<b>Example </b>204624452057This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:RS Small Cap Growth Fund459263127Investment Objective545437Long-term capital growth.April 30, 20141.1888769952Fees and Expenses of the Fund<b>Portfolio Turnover</b>You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.50000The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 64% of the average value of its portfolio.153020901708The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.0.047500207600172<b>Assuming No Redemption</b>You may lose money by investing in the Fund.883656545The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.11861132943www.rsinvestments.com204624452057800-766-3863The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.00.010Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.0.00950.00950.0095Contingent deferred sales load applies for shares sold within one year of purchase.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.0.00250.010.00650.00280.00150.00410.01480.0210.0201-0.0013-0.0013-0.00130.08420.07990.05470.18510.11980.18510.13380.18510.01350.01970.0188-0.0055-0.0071-0.00550.0379-0.0030.03790.00050.0379The Fund invests primarily in investment-grade securities, including corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. government and its agencies.<br/><br/>The Fund&#8217;s investment team allocates the Fund&#8217;s investments among various sectors of the debt markets by analyzing overall economic conditions within and among these sectors. The Fund normally allocates its assets broadly among the debt securities markets but may emphasize some sectors over others based on what the investment team believes to be their attractiveness relative to one another.<br/><br/>Within sector allocations, the Fund&#8217;s investment team selects individual securities by considering the yield paid by the security, potential appreciation in the value of the security, the credit quality of the issuer, maturity, and the degree of risk associated with a specific security relative to other securities in the sector.<br/><br/>The Fund tends to have an average duration within a range of one to three years and an average maturity between one and three years. The Fund seeks to maintain a low duration but may lengthen or shorten its duration within that range to reflect changes in the overall composition of the short-term investment-grade debt markets. Duration is a measure of a bond price&#8217;s sensitivity to a given change in interest rates. Generally, the longer a bond&#8217;s duration, the greater its price sensitivity to a change in interest rates. For example, the price of a bond with a duration of three years would be expected to fall approximately 3% if rates were to rise by one percentage point.<br/><br/>The Fund normally invests at least 80% of its net assets in debt securities, which may include, for example, corporate bonds, mortgage-backed and asset-backed securities, loans, and obligations of the U.S. government and its agencies and instrumentalities. An investment-grade security is one that is rated by Moody&#8217;s Investors Service, Inc. or Standard &amp; Poor&#8217;s Ratings Group Baa3 or BBB-, respectively, or higher or, if unrated, that has been determined by the Fund&#8217;s investment team to be of comparable quality. The Fund may invest in below investment grade debt securities, commonly known as &#8220;high-yield&#8221; securities or &#8220;junk bonds&#8221;; normally, less than 20% of the Fund&#8217;s assets will be invested in below investment grade securities.<br/><br/>The Fund may also invest up to 20% of the value of its net assets in foreign securities denominated in foreign currencies. In addition, the Fund may invest without limit in so-called Yankee securities, which include debt securities issued by non-U.S. corporate or government entities but denominated in U.S. dollars.<br/><br/>The Fund may engage in dollar roll and reverse repurchase agreement transactions. The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation.<br/><br/>The Fund may invest in loans of any maturity and credit quality. If the Fund invests in loans, the Fund&#8217;s investment team may seek to avoid the receipt of material non-public information about the issuers of the loans being considered for purchase by the Fund, which may affect its ability to assess the loans as compared to investors that do receive such information.0.10910.10520.09620.10630.06130.05780.05330.1053-0.01350.0160.02880.0057<b>Principal Risks</b><b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. 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6062001919096456182007-05-01123311171071214924212327Fund Performance<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSMidCapGrowthFund column period compact * ~</div>
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<b>Portfolio Turnover</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 106% of the average value of its portfolio.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>The Fund normally invests at least 80% of its net assets in small-capitalization companies. The Fund&#8217;s investment team currently considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is either up to $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $7 billion, based on the size of the largest company in the Index on March 31, 2013), whichever is greater. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. The investment team seeks to categorize each potential investment based on its view of a company&#8217;s stage of development on a spectrum that identifies companies as promising, developing, or proven. Valuation is an integral part of the growth investment process. Purchase decisions are based on the investment team&#8217;s expectation of the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.<b>Principal Risks </b>The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.459163127665545437888952769153020901708665<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSValueFund column period compact * ~</div>
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<b>Portfolio Turnover </b><b>Annual Total Return for Class A Shares </b>(calendar year-end)<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>2.20%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Second Quarter 2004&nbsp;&nbsp;<b>-1.02%</b><div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSValueFund column period compact * ~</div>
You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Debt Securities Risk<br/>The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. <br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Mortgage- and Asset-backed Securities Risk<br/>During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security&#8217;s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.<br/><br/>High-yield/Junk Bond Risk<br/>Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.<br/><br/>Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br/><br/>Derivatives Risk<br/>Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations.<br/><br/>Currency Risk <br/>Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar.<br/><br/>Loan Risk<br/>Investments in loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. They may be difficult to value and may be illiquid. If the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund&#8217;s rights to collateral may be limited by bankruptcy or insolvency laws. There may be limited public information available regarding the loan. Transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale.<br/><br/>Credit Derivatives Risk<br/>The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleNoRedemptionRSValueFund column period compact * ~</div>
After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 154% of the average value of its portfolio.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSValueFundBarChart column period compact * ~</div>
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Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>0.01360.0133You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk <br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small Companies Risk <br/>Small companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.<br/><br/>Focused Investment Risk<br/>Focusing investments in a particular market or economic sector (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in the market or sector may decline in value due to developments adversely affecting the market or sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the particular market or sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels.<br/><br/>Portfolio Turnover Risk <br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future.<br/><br/>Cash Position Risk <br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Foreign Securities Risk<br/> Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Annual Total Return for Class A Shares</b> (calendar year-end)Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b><b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b>0.4674The Fund invests principally in equity securities of companies considered by the Fund&#8217;s investment team (at the time of purchase) to be large-cap companies. The Fund&#8217;s investment team currently considers a company to be large-cap if its market capitalization is between $5 billion and the market capitalization of the largest company included in the Russell 1000<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $415.7 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. Valuation is an integral part of the investment process and purchase decisions are based on the investment team&#8217;s expectation of the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.0.15160.0068You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br/><br/>Equity Securities Risk <br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br/><br/>Investment Style Risk <br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br/><br/>Overweighting Risk <br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br/><br/>Underweighting Risk <br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark. <br/><br/>Focused Investment Risk <br/>Focusing investments in a particular market or economic sector (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in the market or sector may decline in value due to developments adversely affecting the market or sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the particular market or sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels. <br/><br/>Foreign Securities Risk <br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br/><br/>Portfolio Turnover Risk <br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future. <br/><br/>Cash Position Risk <br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br/><br/>Mid-sized Companies Risk <br/>Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.The Fund invests primarily in investment-grade securities, including corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. government and its agencies. <br/><br/>The Fund&#8217;s investment team allocates the Fund&#8217;s investments among various sectors of the debt markets by analyzing overall economic conditions within and among these sectors. The Fund normally allocates its assets broadly among the debt securities markets but may emphasize some sectors over others based on what the investment team believes to be their attractiveness relative to one another. Within sector allocations, the Fund&#8217;s investment team selects individual securities by considering the yield paid by the security, potential appreciation in the value of the security, credit quality of the issuer, maturity, and the degree of risk associated with a specific security relative to other securities in the sector.<br/><br/>The Fund seeks to maintain an intermediate duration (between three and 10 years) but may lengthen or shorten its duration within the intermediate range to reflect changes in the overall composition of the investment-grade debt markets. Duration is a measure of a bond price&#8217;s sensitivity to changes in interest rates. Generally, the longer a bond&#8217;s duration, the greater its price sensitivity to a change in interest rates. For example, the price of a bond with a duration of five years would be expected to fall approximately 5% if rates were to rise by one percentage point.<br/><br/>The Fund normally invests at least 80% of its net assets in investment-grade debt securities. Debt securities may include, for example, corporate bonds, mortgage-backed and asset-backed securities, zero-coupon bonds, loans, and obligations of the U.S. government and its agencies and instrumentalities. An investment-grade security is one that is rated by Moody&#8217;s Investors Service, Inc. or Standard &amp; Poor&#8217;s Ratings Group Baa3 or BBB-, respectively, or higher or, if unrated, that has been determined by the Fund&#8217;s investment team to be of comparable quality. The Fund may invest in below investment grade debt securities, commonly known as &#8220;high-yield&#8221; securities or &#8220;junk bonds&#8221;; normally, less than 20% of the Fund&#8217;s assets will be invested in below investment grade securities.<br/><br/>The Fund may also invest up to 20% of the value of its net assets in foreign securities denominated in foreign currencies. In addition, the Fund may invest without limit in so-called Yankee securities, which include debt securities issued by non-U.S. corporate or government entities but denominated in U.S. dollars.<br/><br/>The Fund may engage in dollar roll and reverse repurchase agreement transactions. The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation.<br/><br/>The Fund may invest in loans of any maturity and credit quality. If the Fund invests in loans, the Fund&#8217;s investment team may seek to avoid the receipt of material non-public information about the issuers of the loans being considered for purchase by the Fund, which may affect its ability to assess the loans as compared to investors that do receive such information.0.09450.1394-0.4561<b>Annual Total Return for Class A Shares </b>(calendar year-end)0.04150.47650.05290.277-0.02330.14770.0335<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>18.91%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-23.61%</b>0.05890.04150.01680.0306<b>Principal Risks </b><b>Best Quarter</b>2003-06-300.2413<b>Worst Quarter</b>2008-12-31-0.2539<b>Best Quarter</b>2003-06-30<b>Assuming Redemption at End of&nbsp;&nbsp;Period</b>0.193<b>Assuming No Redemption</b><b>Worst Quarter</b>2008-12-31-0.2885Fund Performance0.0070.00010.00450.01290.02650.0051The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>24.13%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-25.39%</b><b>Average Annual Total Returns</b> (periods ended 12/31/12)<b>Average Annual Total Returns</b> (periods ended 12/31/12)Contingent deferred sales load applies for shares sold within one year of purchase.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.0.09310.09310.06050.14590.13070.14590.14150.14590.01830.01830.01560.03490.01540.03490.02130.0349After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.01590.02360.02080.0880.0880.07830.098<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSHighYieldFund column period compact * ~</div>
0.04290.040.03340.01470.08120.10590.11090.1253<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSHighYieldFund column period compact * ~</div>
0.03140.02180.02120.03210.02840.02490.03060.02010.01990.02540.0290.0289<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSHighYieldFund column period compact * ~</div>
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<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 93% of the average value of its portfolio.<b>Principal Risks </b>Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.1987-11-301987-11-301987-11-301987-11-302007-09-062007-09-062007-01-222007-01-22<b>Average Annual Total Returns </b>(periods ended 12/31/12)2003-07-302003-07-302003-07-302003-07-302003-07-302003-07-30April 30, 20140.9350000You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may lose money by investing in the Fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Best Quarter</b>2003-06-300.1891<b>Worst Quarter</b>2008-12-31-0.2361After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.50000After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.April 30, 20141.06You may lose money by investing in the Fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.0.44240.11950.11320.10790.131-0.43730.31530.1318-0.00680.1436<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Assuming No Redemption</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 84% of the average value of its portfolio.<b>Principal Risks </b>Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and one or more other measures of performance that are specific to the Fund&#8217;s investment strategy. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. 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You may lose money by investing in the Fund.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleNoRedemptionRSGrowthFund column period compact * ~</div>
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The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Best Quarter</b>2009-09-300.022<b>Worst Quarter</b>2004-06-30-0.0102629339211<a name="protoc467180_12"></a>RS Small Cap Equity FundAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Investment ObjectiveLong-term capital growth.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Example </b>Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 98% of the average value of its portfolio.<b>Principal Risks </b><div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSLowDurationBondFund column period compact * ~</div>
Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s investment strategy and investment team changed on April 16, 2009. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSLowDurationBondFund column period compact * ~</div>
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62923921160632516395373665288269854112991260111911791198943202225732070227426962410RS Large Cap Alpha FundInvestment ObjectiveLong-term capital appreciation.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Assuming Redemption at End of&nbsp;&nbsp;Period</b><b>Assuming No Redemption</b><a name="protoc467180_17"></a>RS International Growth Fund<b>Portfolio Turnover </b>Investment ObjectiveThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 51% of the average value of its portfolio.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>Long-term capital appreciation.The Fund normally invests at least 80% of its net assets in companies considered by the Fund&#8217;s investment team (at the time of purchase) to be large-capitalization companies. The Fund&#8217;s investment team considers a company to be large-capitalization if its market capitalization is between $5 billion and the market capitalization of the largest company included in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $415.7 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund&#8217;s investment team currently expects that the Fund typically will hold between 35 and 45 securities positions. <br /><br />In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise). <br /><br />The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents. <br /><br />The Fund will typically invest principally in equity securities. The Fund may at times, but will not necessarily, invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<b>Principal Risks </b>You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Equity Securities Risk <br />The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br /><br />Investment Style Risk <br />A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br /><br />Overweighting Risk <br />Overweighting investments in an industry or group of industries relative to the Fund&#8217;s primary benchmark increases the risk that the Fund will underperform its primary benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its primary benchmark. <br /><br />Underweighting Risk <br />If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s primary benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s primary benchmark. <br /><br />Foreign Securities Risk <br />Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Cash Position Risk <br />To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Natural Resources Investment Risk <br />Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks. <br /><br />Limited Portfolio Risk <br />To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers. <br /><br />Mid-sized Companies Risk <br />Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of two broad measures of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s investment strategy and investment team changed on March 30, 2009. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Annual Total Return for Class A Shares</b> (calendar year-end)606225163<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>17.47%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Third Quarter 2011&nbsp;&nbsp;<b>-20.78%</b>Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Average Annual Total Returns </b>(periods ended 12/31/12)882698541After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.11791198943<b>Shareholder Fees </b>(fees paid directly from your investment)You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.50000<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.<b>Example </b>April 30, 20140.51202225732070You may lose money by investing in the Fund.This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of two broad measures of market performance.800-766-3863www.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 21% of the average value of its portfolio.<b>Principal Risks </b>The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Best Quarter </b>2009-09-300.1747<b>Worst Quarter</b>2011-09-30-0.2078The Fund invests principally in equity securities. The Fund normally invests at least 80% of its net assets in technology companies. The Fund may invest in companies of any size. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund&#8217;s investment team performs in-depth analysis in search of what it believes are innovative companies that drive market share gains in technology, leading to sustainable earnings growth and long-term stock price appreciation. The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening to identify potential investment candidates with greater earnings potential than expected by the market. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, defensible competitive advantages, growing market share, and experienced management teams. Valuation is an integral part of the investment process and purchase decisions are based on the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.<br/><br/>A particular company will be considered to be in the technology sector if, at the time of investment, at least 50% of the company&#8217;s assets, gross income, or net profits are, in the investment team&#8217;s judgment, committed to, or derived from, industries in the technology sector. A company will also be considered to be in the technology sector if the Fund&#8217;s investment team considers that the company has the potential for capital appreciation primarily as a result of particular products, technology, patents, or other market advantages in those industries.0.20950.05640.0390.16870.1478-0.29290.24890.1663You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br/><br/>Equity Securities Risk <br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br/><br/>Investment Style Risk <br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br/><br/>Concentration Risk <br/>Concentrating investments in the information technology sector increases the risk of loss because the stocks of many or all of the companies in the sector may decline in value due to developments adversely affecting the sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the information technology sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels. <br/><br/>Overweighting Risk <br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s primary benchmark increases the risk that the Fund will underperform its primary benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its primary benchmark. <br/><br/>Underweighting Risk <br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s primary benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s primary benchmark. <br/><br/>Technology Investment Risk <br/>Investments in technology companies may be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment. Many technology companies are small or mid-sized companies and may be newly organized. <br/><br/>Foreign Securities Risk <br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br/><br/>Portfolio Turnover Risk <br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future. <br/><br/>Cash Position Risk <br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br/><br/>Liquidity Risk <br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br/><br/>Small and Mid-sized Companies Risk <br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.-0.08920.1626<b>Annual Total Return for Class A Shares </b>(calendar year-end)<b>Best Quarter</b>&nbsp;&nbsp;Second Quarter 2003&nbsp;&nbsp;<b>34.38%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-27.06%</b><b>Average Annual Total Returns </b>(periods ended 12/31/12)After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.047500000.010.0050.0050.0050.00250.010.00650.00230.00250.00180.00980.01750.01330000.00980.01750.0133570278135421772551991949729161920621601<b>Shareholder Fees</b> (fees paid directly from your investment)RS Partners FundRS Tax-Exempt FundInvestment ObjectiveInvestment ObjectiveTo maximize current income exempt from federal income taxes, consistent with the preservation of capital.Fees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.Long-term capital appreciation.Fees and Expenses of the FundRS Value FundYou may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds.100000Investment ObjectiveThe table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.Long-term capital appreciation.Fees and Expenses of the FundThe table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)RS Global Growth FundInvestment ObjectiveRS Large Cap Alpha Fund5701781350.047500Long-term capital appreciation.0.01772551421Investment Objective991949729161920621601Long-term capital appreciation.0.002<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)00.0100.012Fees and Expenses of the Fund-0.00030.0117The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.Fees and Expenses of the Fund<b>Shareholder Fees</b> (fees paid directly from your investment)0.0080.0080.008The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)0.00250.010.0065<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)April 30, 20140.0090.00690.00620.03750<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28% of the average value of its portfolio.0.01950.02490.02070.280.97750.073You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.0.0206-0.0055-0.0055-0.00550.08195000000.010.2225<b>Example </b>-0.5090.0140.01940.0152This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:0.75180.3615-0.11910.083<b>Assuming Redemption at End of &nbsp;Period</b>You may lose money by investing in the Fund. The Fund may not achieve its investment objectives. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Debt Securities Risk<br/>The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Mortgage- and Asset-backed Securities Risk<br/>During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security&#8217;s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.<br/><br/>High-yield/Junk Bond Risk<br/>Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future.<br/><br/>Derivatives Risk<br/>Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations. <br/><br/>Currency Risk <br/> Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar.<br/><br/> Loan Risk <br/> Investments in loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. They may be difficult to value and may be illiquid. If the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund&#8217;s rights to collateral may be limited by bankruptcy or insolvency laws. There may be limited public information available regarding the loan. Transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale.<br/><br/> Credit Derivatives Risk <br/> The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.0.0050.005<b>Assuming No Redemption</b><b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)0.00250.01119Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>378The Fund normally invests at least 80% of the value of its net assets in common stocks, preferred stocks, and other securities convertible into common or preferred stock of publicly traded companies wherever they may be in the world. The Fund may invest in companies of any size anywhere in the world. The Fund expects that substantially all of the securities held by the Fund will be listed on at least one securities exchange. <br /><br /> Under normal circumstances, the Fund will invest in companies located in at least three different countries including the United States. The Fund will normally invest 40% or more of its total assets in securities of non-U.S. companies. The Fund may invest any portion of its assets in companies located in emerging markets. <br /><br /> The Fund&#8217;s investment team uses fundamental research and a bottom-up approach to portfolio construction, with the objective of making long-term investments in companies it believes can sustain above-average growth rates and that currently trade at prices that do not fully reflect those rates of growth. The investment team looks for companies that it believes have strong competitive positions within attractive industries, high-quality earnings, and a positive approach toward shareholders. <br /><br /> The Fund will not typically seek to hedge its foreign currency exposure (arising from investments denominated in foreign currencies) relative to the U.S. dollar, although the Fund may engage in foreign currency exchange contracts to take advantage of changes in currency exchange rates anticipated by the Fund&#8217;s investment team. <br /><br /> The Fund also may invest in foreign issuers through American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), or similar investment vehicles.0.00160.0019<b>Principal Risks </b>657You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br /> Equity Securities Risk <br /> The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally. <br /><br /> Foreign Securities Risk <br /> Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br /> Currency Risk <br /> Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. <br /><br /> Emerging Market Risk <br /> Risks of investing in emerging markets include greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country&#8217;s dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. <br /><br /> Small Companies Risk <br /> Small companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. <br /><br /> Investment Style Risk <br /> A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles. <br /><br /> Liquidity Risk <br /> Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Baillie Gifford Overseas Limited, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br /> Cash Position Risk <br /> To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited. <br /><br /> Overweighting Risk <br /> Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. <br /><br /> Underweighting Risk <br /> If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.0.00910.01691452You may lose money by investing in the Fund.0.03180.02350.03150.15230.160.06510.15230.160.07790.15230.16Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by comparing the Fund&#8217;s returns with those of a broad measure of market performance. The return in the bar chart does not reflect the impact of sales loads. If it did, the return would be lower than that shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Annual Total Return for Class A Shares </b>(calendar year-end)0.01250.00780.010.03540.01660.01320.03540.01660.01580.03540.01660.10740.10060.06980.17510.160.14370.17510.160.15840.17510.16After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.11780.1110.10410.0940.071After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.RS Investors Fund0.00760.0040.00430.00590.01660.00970.00590.01660.01370.07490.06480.06320.07190.03510.04880.01370.05040.05610.0215Investment Objective0.0050.00850.00190.0028-0.0011-0.00090.0475000.00690.06340.05970.05340.07380.0710.05880.07380.0710.06480.0080.0160.01130-0.0009Long-term capital appreciation.61129715500.0100.010410077235960.1136-0.01490.04470.01630.0221Fees and Expenses of the Fund1429127610630.0069259927852356The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.0.00590.01660.07380.0710.04290.03140.0080.0080.0080.00250.010.0065<b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)0.04520.0410.02070.00290.0040.00290.04080.0573-0.00350.1050.01340.0220.01746111551970.075510077235960000.06871429127610630.05852599278523560.01340.0220.0174The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.0.010.00910.09360.0870.06930.14590.12810.14590.14530.14590.01910.03730.03570.03180.03490.03790.03490.04430.0349-0.00860.09220.07890.07670.0980.08720.0980.09410.098<b>Example </b>0.0105This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>0.07740.06840.06590.05420.03390.0230.06270.0464<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:1063500.1220.11830.07920.16180.1770.168<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>5.27%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Second Quarter&nbsp; 2004&nbsp;&nbsp;<b>-2.63%</b>-0.0085-0.0104-0.00830.01470.0190.0229614136770The Fund invests principally in equity securities of small-capitalization companies. The Fund&#8217;s investment team considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is either up to $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $7 billion, based on the size of the largest company in the Index on March 31, 2013), whichever is greater. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 40 and 60 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise).<br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.RS Small Cap Growth Fund221384859Investment Objective<b>Average Annual Total Returns </b>(periods ended 12/31/12)Long-term capital growth.<b>Portfolio Turnover </b>Fees and Expenses of the Fund<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 58% of the average value of its portfolio.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Contingent deferred sales load applies for shares sold within one year of purchase.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.<b>Example</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 51% of the average value of its portfolio.Investments, Risks, and Performance<br/><b>Principal Investment Strategies</b>RS Global Natural Resources FundInvestments, Risks, and Performance<br/><b>Principal Investment Strategies </b>April 30, 2014Investment ObjectiveLong-term capital appreciation.This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.Fees and Expenses of the Fund0.1781<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. No sales loads are imposed on Class Y shares.The Fund invests principally in equity securities that the Fund&#8217;s investment team believes are undervalued, of companies with market capitalizations between $1 billion and 120% of the market capitalization of the largest company included in the Russell Midcap<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $35.6 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 40 and 60 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise).<br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.107<b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b>517952The Fund normally invests at least 80% of its net assets in companies considered by the Fund&#8217;s investment team (at the time of purchase) to be large-capitalization companies. The Fund&#8217;s investment team considers a company to be large-capitalization if its market capitalization is between $5 billion and the market capitalization of the largest company included in the Russell 1000<sup>&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $415.7 billion, based on the size of the largest company in the Index on March 31, 2013). The Fund&#8217;s investment team currently expects that the Fund typically will hold between 35 and 45 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise).<br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents.<br/><br/>The Fund will typically invest principally in equity securities. The Fund may at times, but will not necessarily, invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries.<br/><br/>Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)2163<b>Principal Risks </b><b>Principal Risks</b><b>Annual Fund Operating Expenses </b>(expenses are deducted from Fund assets as a percentage of average daily net assets)4542631972-06-011972-06-011972-06-011972-06-011972-05-312000-08-072000-08-072000-08-072001-05-152001-05-152001-05-150.00956445240.01910.00540.01330.04210.04060.04210.05330.0421<b>Portfolio Turnover</b>850909144319900.00190.0986The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 97% of the average value of its portfolio.0.0114605323177-0.00138796885480.0101RS Global Natural Resources Fund4541630.05220.03690.03590.05950.05230.05950.0560.0595644524Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>117411809448509090.03050.03050.04650.05180.04270.05180.04630.0518144319900.05440.03450.03430.06250.05110.06140.05190.0583Investment ObjectiveLong-term capital appreciation.0.01<b>Portfolio Turnover </b>Fees and Expenses of the Fund201125342052The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.0.00130.0113<b>Shareholder Fees</b> (fees paid directly from your investment)-0.00010.150.0112You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk <br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small and Mid-sized Companies Risk<br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.<br/><br/>Limited Portfolio Risk<br/>To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Natural Resources Investment Risk<br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>Fund PerformanceThe bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Example </b>You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk<br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s primary benchmark increases the risk that the Fund will underperform its primary benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its primary benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s primary benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s primary benchmark.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Natural Resources Investment Risk<br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.<br/><br/>Limited Portfolio Risk<br/>To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.<br/><br/>Mid-sized Companies Risk<br/>Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:1995-11-151995-11-151995-11-151996-08-291995-11-152007-05-022007-05-022007-05-022007-01-192007-01-192007-01-19The Fund invests in securities that the Fund&#8217;s investment team believes are undervalued. The Fund will typically invest most of its assets in equity securities of small-, mid-, or large-capitalization companies. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities. The Fund will likely hold a more limited number of securities than many other mutual funds. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 25 and 30 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental research to identify companies with improving returns on invested capital. The investment team&#8217;s research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a company&#8217;s capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/dividend plans, as the Fund&#8217;s investment team seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The investment team seeks to invest in companies based on the investment team&#8217;s assessment of risk (the possibility of permanent capital impairment) and its assessment of reward (the future value of the enterprise).<br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents, and invest a substantial portion of its assets in securities of companies that the investment team considers to be principally engaged in natural resources industries. Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services.103349Fund Performance6151374April 30, 2014<b>Principal Risks</b><b>Example</b>The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of two broad measures of market performance. The Fund&#8217;s investment strategy and investment team changed on March 30, 2009. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Portfolio Turnover </b>You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk<br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small and Mid-sized Companies Risk<br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Natural Resources Investment Risk<br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.<br/><br/>Limited Portfolio Risk<br/>To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.0.197-0.0730.28360.4425-0.3852-0.0353<b>Annual Total Return for Class Y Shares</b> (calendar year-end)0.11190.11940.07290.31810.6563Fund Performance0.047500The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.The bar chart and table provide some indication of the risks of investing in the Fund by comparing the Fund&#8217;s returns with those of a broad measure of market performance.800-766-3863www.rsinvestments.com0.2095The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.0.0564The Fund invests primarily in investment-grade municipal obligations, the interest on which is, in the opinion of the issuer&#8217;s bond counsel, exempt from federal income tax including the federal alternative minimum tax (&#8220;AMT&#8221;).<br /><br />The Fund&#8217;s investment team allocates the Fund&#8217;s investments among a diversified portfolio of investment-grade municipal obligations and will invest primarily in municipal securities with remaining maturities of between seven and 25 years. The Fund&#8217;s investment team may, however, invest in municipal obligations with remaining maturities outside of that range based on its analysis of the market and the economy. As of March 31, 2013, the Fund&#8217;s dollar weighted average maturity was 14.89 years; the Fund&#8217;s dollar weighted average maturity may be substantially longer or shorter any time in the future. <br /><br />Under normal circumstances at least 80% of the value of the Fund&#8217;s net assets will be invested in tax-exempt municipal obligations. This is a fundamental policy that cannot be changed without shareholder approval. For purposes of the fundamental policy stated above, the Fund will include borrowings for investment purposes when it calculates its net assets. Up to 20% of the value of the Fund&#8217;s net assets may be invested in bonds that pay interest subject to federal income tax, including bonds that pay interest subject to the AMT. Municipal obligations are debt securities issued by states, the District of Columbia, and territories and possessions of the United States, their political subdivisions, agencies, authorities, and instrumentalities. Types of municipal obligations in which the Fund may invest include:<ul type="square"> <li>general obligation bonds, guaranteed by the issuer&#8217;s full faith, credit, and taxing power;</li></ul><ul type="square"> <li>specific obligation bonds, payable by a special tax or revenue source; </li></ul><ul type="square"> <li>revenue bonds, supported by a revenue source related to the project being financed; </li></ul><ul type="square"> <li>notes or short-term obligations issued in anticipation of a bond sale, guaranteed by the collection of taxes or receipt of revenues; and</li></ul><ul type="square"> <li>private activity bonds, including industrial development bonds, issued by or on behalf of public authorities. </li></ul>The Fund will normally invest in municipal securities that, at the time of purchase, are of investment grade. An investment-grade security is one that is rated by Moody&#8217;s Investors Service, Inc. or Standard &amp; Poor&#8217;s Ratings Group Baa3 or BBB-, respectively, or higher, or, if unrated, has been determined by the Fund&#8217;s investment team to be of comparable quality. The Fund may invest up to 10% of its assets in below investment grade or unrated municipal obligations that the Fund&#8217;s investment team determines to be of comparable quality. The Fund is not required to sell a bond that has been downgraded to below investment grade after the Fund acquires it, but the Fund&#8217;s overall holdings in below investment grade bonds, including those that have been downgraded since the time of investment, generally will not exceed 20% of the Fund&#8217;s assets. The Fund may invest in other tax-exempt securities that are not municipal obligations. The Fund&#8217;s investments may include any type of debt instrument, including, for example, zero-coupon securities as well as floating and variable-rate demand notes and bonds. <br /><br />The Fund may invest without limit in municipal obligations that pay interest from similar revenue sources, in municipal securities of issuers within a single state, or in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic areas or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund&#8217;s investments more susceptible to economic, political, regulatory, or other factors affecting issuers in those geographic areas or issuers whose revenues are derived from such projects, and may increase the volatility of the Fund&#8217;s net asset value. The Fund may invest more than 25% of its total assets in a segment of the municipal securities market with similar characteristics if the Fund&#8217;s investment team determines that the potential return from such investment justifies the additional risk. <br /><br />The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk or other risk; replicating certain direct investments; and asset and sector allocation.0.0390.1687<b>Annual Total Return for Class A Shares </b>(calendar year-end)0.1496The return in the bar chart does not reflect the impact of sales loads. If it did, the return would be lower than that shown.-0.29130.2510.1701<b>Best Quarter </b>&nbsp;First Quarter 2012 &nbsp;<b>13.08%</b><br/><b>Worst Quarter</b> &nbsp;Second Quarter 2012 &nbsp;<b>-6.84%</b><b>Principal Risks</b>-0.08650.1658<b>Average Annual Total Returns </b>(periods ended 12/31/12)Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load applies for shares sold within one year of purchase.<b>Annual Total Return for Class Y Shares</b> (calendar year-end)<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSLargeCapAlphaFund column period compact * ~</div>
You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Debt Securities Risk <br />The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. <br /><br />Municipal Obligations Risk <br />Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal obligations. <br /><br />High-yield/Junk Bond Risk<br/>Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Derivatives Risk <br />Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations. <br /><br />Credit Derivatives Risk <br />The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSLargeCapAlphaFund column period compact * ~</div>
You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk <br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Small and Mid-sized Companies Risk<br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/><br/>Underweighting Risk <br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark.<br/><br/>Non-diversification Risk <br/>The Fund is a non-diversified mutual fund. A non-diversified fund is able to invest its assets in a more limited number of issuers than a diversified fund, so a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund were a diversified fund.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Portfolio Turnover Risk <br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Natural Resources Investment Risk<br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>17.50%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Third Quarter 2011&nbsp;&nbsp;<b>-20.70%</b><div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSLargeCapAlphaFund column period compact * ~</div>
<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleNoRedemptionRSLargeCapAlphaFund column period compact * ~</div>
Fund PerformanceYou may lose money by investing in the Fund.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSLargeCapAlphaFundBarChart column period compact * ~</div>
Fund Performance00.010<b>Best Quarter</b><div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedRSLargeCapAlphaFund column period compact * ~</div>
The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.2012-03-310.1308<b>Worst Quarter</b>-0.0684The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Annual Total Return for Class Y Shares</b> (calendar year-end)The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance.<b>Average Annual Total Returns</b>(periods ended 12/31/12)The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.800-766-3863www.rsinvestments.comThe returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Annual Total Return for Class A Shares</b> (calendar year-end)0.010.010.010.00250.010.00650.00270.00210.00220.01520.02210.0187<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>20.20%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2008&nbsp;&nbsp;<b>-26.48%</b>-0.0001-0.0001-0.00010.01510.0220.0186<b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2009&nbsp;&nbsp;<b>7.63%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter</b>&nbsp;&nbsp;Fourth Quarter 2010&nbsp;&nbsp;<b>-5.36%</b>0.8450000You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in RS Funds.You may lose money by investing in the Fund.<b>Best Quarter</b>2009-09-300.0763<b>Worst Quarter</b>2010-12-31-0.0536<b>Average Annual Total Returns</b> (periods ended 12/31/12)0.6598<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSStrategicIncomeFund column period compact * ~</div>
0.2931<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSFloatingRateFund column period compact * ~</div>
0.11670.1637After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSStrategicIncomeFund column period compact * ~</div>
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0.38630.259-0.10840.1412After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSStrategicIncomeFundBarChart column period compact * ~</div>
After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 106% of the average value of its portfolio.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSFloatingRateFundBarChart column period compact * ~</div>
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This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, whether or not you redeem at the end of such periods. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedRSFloatingRateFund column period compact * ~</div>
0.05340.04371140.0401Investments, Risks, and Performance <br/><b>Principal Investment Strategies </b>0.05033580.0147-0.00236210.115213740.01210.11110.0719The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and one or more other measures of performance that are specific to the Fund&#8217;s investment strategy.800-766-3863www.rsinvestments.comThe returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Portfolio Turnover</b>The Fund normally invests at least 80% of its net assets in small-capitalization companies. The Fund&#8217;s investment team currently considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is either up to $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index on the last day of the most recent quarter (currently, approximately $7 billion, based on the size of the largest company in the Index on March 31, 2013), whichever is greater. The Fund typically invests most of its assets in securities of U.S. companies but may also invest any portion of its assets in foreign securities.<br/><br/>The Fund&#8217;s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. The investment team seeks to categorize each potential investment based on its view of a company&#8217;s stage of development on a spectrum that identifies companies as promising, developing, or proven. Valuation is an integral part of the growth investment process. Purchase decisions are based on the investment team&#8217;s expectation of the potential reward relative to risk of each security based in part on the investment team&#8217;s proprietary earnings calculations.<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleShareholderFeesRSGlobalGrowthFund column period compact * ~</div>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.0.03140.03140.03060.06780.05240.06780.05240.05240.04980.05910.0520.05910.04630.04450.04380.0510.04230.051<b>Principal Risks </b>Investments, Risks, and Performance<br/><b>Principal Investment Strategies</b><b>Average Annual Total Returns </b>(periods ended 12/31/12)<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualFundOperatingExpensesRSGlobalGrowthFund column period compact * ~</div>
The Fund normally invests at least 80% of its net assets in securities of companies that the Fund&#8217;s investment team considers to be principally engaged in natural resources industries. The Fund may invest in securities of issuers located anywhere in the world and normally will invest in securities of companies located in at least three countries, which may include the United States. The Fund&#8217;s investment team currently expects that the Fund typically will hold between 30 and 40 securities positions.<br/><br/>In evaluating investments for the Fund, the Fund&#8217;s investment team conducts fundamental analysis focused on the following factors: supply cost curve of a given commodity, asset location along that curve to identify &#8220;advantaged assets,&#8221; inventory of future projects which provide the basis for future value creation, management team quality to determine capital allocation discipline and history of value creation, and country risk. &#8220;Advantaged assets&#8221; are the low cost producers of a given commodity that the investment team believes offer a competitive advantage in the form of achieving higher cost of capital returns relative to other producers. The Fund&#8217;s investment team believes that investments in the securities of advantaged producers run by capable management teams can create value for long-term investors independent of commodity prices. Valuation is an important part of the investment process. The Fund&#8217;s investment team seeks to purchase securities in companies with these characteristics when the investment team believes the price reflects a limited possibility of permanent capital impairment.<br/><br/>Companies in natural resources industries include companies that the Fund&#8217;s investment team considers to be principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services. Natural resources may include, for example, energy sources, precious and other metals, forest products, real estate, food and agriculture, and other basic commodities.<br/><br/>A particular company will be considered to be principally engaged in natural resources industries if at the time of investment at least 50% of the company&#8217;s assets, gross income, cash flow, or net profits is, in the Fund&#8217;s investment team&#8217;s judgment, committed to, or derived from, those industries. A company will also be considered to be principally engaged in natural resources industries if the Fund&#8217;s investment team believes that the company has the potential for capital appreciation primarily as a result of particular products, technology, patents, or other market advantages in natural resources industries.<br/><br/>The Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents.0.36<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleAnnualTotalReturnsRSGlobalGrowthFundBarChart column period compact * ~</div>
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After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Average Annual Total Returns </b>(periods ended 12/31/12)<b>Annual Total Return for Class Y Shares</b> (calendar year-end)1993-02-162000-08-072001-05-151993-02-162000-08-072001-05-151993-02-161993-02-16<div style="display:none">~ http://www.rsinvestments.com/role/ScheduleExpenseExampleRSGlobalGrowthFund column period compact * ~</div>
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RS Strategic Income FundRS Floating Rate FundInvestment ObjectivesInvestment ObjectiveTo seek high current incomewith a secondary objective of capital appreciation.To seek a high level of current income.Fees and Expenses of the FundFees and Expenses of the FundThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds. More information about these and other discounts is available from your financial professional and in the &#8220;Types of Shares Available &#8212; Class A Shares&#8221; section on page 110 of the Fund&#8217;s prospectus and the &#8220;Waivers of Certain Sales Loads&#8221; section on page 37 of the Fund&#8217;s statement of additional information.You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds.You may qualify for sales charge discounts for the purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in RS Funds.100000100000<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Shareholder Fees </b>(fees paid directly from your investment)2011-05-162011-05-162011-05-162011-05-162011-05-162011-05-16<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)<b>Annual Fund Operating Expenses</b> (expenses are deducted from Fund assets as a percentage of average daily net assets)0.1970.17940.1460.1805April 30, 2014April 30, 20140.04780.04190.03980.0355Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.Contingent deferred sales load of 1.00% applies to purchases of $1 million or more of Class A shares if these shares are sold within 18 months of purchase.0.12710.11320.1080.0950.11590.1050.10060.09536213231891995-07-121995-07-121995-07-121995-07-12932690587118410101264220121902543621223189932690587126411841010220125432190<b>Example </b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. This Example also assumes that your investment earns a 5% return each year and that the Fund&#8217;s operating expenses remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Assuming Redemption at End of&nbsp;&nbsp;Period</b><b>Assuming Redemption at End of Period</b><b>Assuming No Redemption</b><b>Assuming No Redemption</b><b>Portfolio Turnover </b><b>Portfolio Turnover </b>The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 52% of the average value of its portfolio.The Fund pays transaction costs when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 157% of the average value of its portfolio.0.521.57You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br/> <br/>Equity Securities Risk <br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/> <br/>Investment Style Risk<br/>A mutual fund investing principally in growth style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/> <br/>Small Companies Risk<br/>Small companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s benchmark. <br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark.<br/> <br/>Focused Investment Risk<br/> Focusing investments in a particular market or economic sector (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in the market or sector may decline in value due to developments adversely affecting the market or sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the particular market or sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels. <br/><br/>Portfolio Turnover Risk<br/>Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and will likely experience high portfolio turnover rates in the future.<br/> <br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/> <br/>Liquidity Risk<br/> Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/> <br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b>The Fund invests primarily in floating rate loans and other floating rate investments. The investment team expects that most or all of the investments held by the Fund will typically be below investment grade. <br /><br />Floating rate investments are debt obligations of companies or other entities that have interest rates that adjust or &#8220;float&#8221; periodically, normally on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate (such as LIBOR) plus a premium. A floating rate loan is typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. The Fund will typically acquire loans directly in a transaction arranged through an agent or by assignment from another holder of the loan. The Fund will typically invest in senior secured corporate loans. <br /><br />The Fund&#8217;s investment team considers several factors in purchasing and selling investments for the Fund, such as fundamental analysis of the issuer, the credit quality of the issuer and any collateral securing the investment, the issuer&#8217;s management, capital structure, leverage, and operational performance, and the business outlook for the industry of the issuer. <br /><br />The Fund normally invests at least 80% of its net assets in floating rate loans and other floating rate investments. Floating rate investments include, without limitation, floating rate debt securities, money market securities of all types, repurchase agreements, and shares of money market funds. For this purpose, the investment team considers floating rate investments to include investments whose interest rates do not by their terms reset prior to maturity but have maturities of six months or less. The Fund may invest up to 100% of its assets in obligations of foreign issuers, including sovereign and private issuers. The Fund may enter into foreign currency exchange transactions in order to hedge against adverse changes in the values of currencies in which those obligations are denominated. <br /><br />Floating rate loans in which the Fund invests are expected to be &#8220;senior&#8221; loans, although the Fund may invest in other types of loans. Senior floating rate loans typically hold a senior position in the capital structure of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. For example, the Fund may be delayed or prevented from realizing on its collateral. A significant portion of the Fund&#8217;s floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments. <br /><br />The Fund may purchase second lien loans (secured loans with a claim on collateral subordinate to a senior lender&#8217;s claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations. <br /><br />Other debt obligations in which the Fund may invest include all types of debt instruments such as corporate bonds, government securities, repurchase agreements, and mortgage and other asset-backed securities. <br /><br />An investment will be considered to be below investment grade if it is rated Ba1 by Moody&#8217;s Investors Service, Inc. and BB+ by Standard &amp; Poor&#8217;s Ratings Group, or lower or, if unrated, is considered by the Fund&#8217;s investment team to be of comparable quality. A below investment grade rating reflects a greater possibility that the issuer of an investment may be unable to make timely payments of interest and principal and thus default. If this happens, or is perceived as likely to happen, the value of that investment will usually be more volatile and is likely to fall. A default or expected default would likely also make it difficult for the Fund to sell an investment at a price approximating the value the Fund has previously placed on it. Senior loans typically are of below investment grade quality and (if rated) have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as &#8220;junk&#8221;). <br /><br />Credit ratings are based largely on the issuer&#8217;s historical financial condition and the rating agencies&#8217; investment analysis at the time of rating. The rating assigned to any particular investment does not necessarily reflect the issuer&#8217;s current financial condition, and does not reflect an assessment of an investment&#8217;s volatility or liquidity. Although the Fund&#8217;s investment team considers credit ratings in making investment decisions, it performs its own investment analysis and does not rely only on ratings assigned by the rating agencies. The Fund depends more on the Fund&#8217;s investment team&#8217;s ability to buy lower-rated debt than it does on its ability to buy investment-grade debt. The Fund may have to participate in legal proceedings or take possession of and manage assets that secure the issuer&#8217;s obligations. This could increase the Fund&#8217;s operating expenses and decrease its net asset value. <br /><br />The Fund&#8217;s investment team may seek to avoid the receipt of material non-public information about the issuers of floating rate loans being considered for purchase by the Fund, which may affect its ability to assess the floating rate loans as compared to investors that do receive such information. <br /><br />The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation.The Fund may invest in fixed-income obligations of any kind, including, by way of example, U.S. and foreign corporate investment-grade securities; U.S. government securities and securities of foreign governments and supranational entities; U.S. and foreign below investment grade bonds; and cash instruments. The Fund&#8217;s investment team allocates the Fund&#8217;s investments among these (and other) types of obligations based on its detailed analysis of market, economic, political, and other factors, and of the potential for the various obligations to provide high current income and/or capital appreciation. <br /><br />The Fund&#8217;s investment team selects specific investments for the Fund by considering a wide variety of factors, including yield, potential for appreciation in value, the credit quality of the issuer or collateral, maturity, and the degree of risk associated with a specific investment relative to the potential for favorable investment returns and to other investments. <br /><br />The Fund&#8217;s investment team may sell investments when it believes that they no longer offer attractive potential future returns compared to other investment opportunities or that they present undesirable risks, or in an attempt to limit losses on investments that may decline or have declined in value. <br /><br />The Fund may invest in investments of any maturity. The Fund may invest in securities of any quality, and may invest without limit in below investment grade securities or unrated securities considered by the Fund&#8217;s investment team to be of comparable quality, sometimes referred to as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds. An investment will be considered to be below investment grade if it is rated Ba1 by Moody&#8217;s Investors Service, Inc. and BB+ by Standard &amp; Poor&#8217;s Ratings Group, or lower or, if unrated, is considered by the Fund&#8217;s investment team to be of comparable quality. A below investment grade rating reflects a greater possibility that the issuer of an investment may be unable to make timely payments of interest and principal and thus default. If this happens, or is perceived as likely to happen, the value of that investment will usually be more volatile and is likely to fall. A default or expected default would likely also make it difficult for the Fund to sell an investment at a price approximating the value the Fund has previously placed on it. <br /><br />The Fund may invest in emerging markets debt. There is no limit on the amount of the Fund&#8217;s assets that may be invested in obligations of issuers in any country or group of countries. <br /><br />The Fund may invest in any type of debt instrument, including, for example, domestic or foreign corporate debt securities, securities issued or guaranteed by sovereign governments, their agencies, or instrumentalities, and mortgage-backed securities. The Fund may invest in &#8220;tax credit bonds&#8221; (including Build America Bonds, clean renewable energy bonds and qualified tax credit bonds) and tax-exempt bonds. The Fund may invest in convertible securities and warrants. The Fund may invest a substantial portion of its assets in mortgage-backed securities, including collateralized mortgage obligations, and other asset-backed securities. The Fund may invest in loans of any maturity and credit quality. If the Fund invests in loans, the Fund&#8217;s investment team may seek to avoid the receipt of material non-public information about the issuers of the loans being considered for purchase by the Fund, which may affect its ability to assess the loans as compared to investors that do receive such information. <br /><br />The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund&#8217;s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation. In addition, as a substitute for investments directly in debt securities, the Fund may seek exposure to such debt securities through investments in exchange-traded funds.<b>Principal Risks </b><b>Principal Risks </b>The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.You may lose money by investing in the Fund. The Fund may not achieve its investment objectives. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Debt Securities Risk <br />The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. <br /><br />High-yield/Junk Bond Risk <br />Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Derivatives Risk <br />Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations. <br /><br />Mortgage- and Asset-backed Securities Risk <br />During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security&#8217;s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. <br /><br />Foreign Securities Risk <br />Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Emerging Market Risk <br />Risks of investing in emerging markets include greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country&#8217;s dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. <br /><br />Municipal Obligations Risk <br />Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal obligations. <br /><br />Currency Risk <br />Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. <br /><br />Loan Risk <br />Investments in loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. They may be difficult to value and may be illiquid. If the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund&#8217;s rights to collateral may be limited by bankruptcy or insolvency laws. There may be limited public information available regarding the loan. Transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. <br /><br />Portfolio Turnover Risk <br />Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income. In recent periods, the Fund has experienced annual portfolio turnover in excess of 100% and may experience high portfolio turnover rates in the future. <br /><br />Credit Derivatives Risk <br />The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows. <br /><br />Debt Securities Risk <br />The value of a debt security or other income-producing security changes in response to various factors, including, by way of example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much as interest rates in general. <br /><br />High-yield/Junk Bond Risk <br />Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general. <br /><br />Liquidity Risk <br />Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by Guardian Investor Services LLC, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. <br /><br />Loan Risk <br />Investments in loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. They may be difficult to value and may be illiquid. If the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund&#8217;s rights to collateral may be limited by bankruptcy or insolvency laws. There may be limited public information available regarding the loan. Transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. <br /><br />Foreign Securities Risk <br />Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. <br /><br />Derivatives Risk <br />Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund&#8217;s margin, or otherwise honor its obligations. <br /><br />Currency Risk <br />Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. <br /><br />Credit Derivatives Risk <br />The Fund may enter into credit derivatives, including credit default swaps and credit default index investments. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security, (ii) to adjust the Fund&#8217;s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. These investments can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.You may lose money by investing in the Fund.You may lose money by investing in the Fund.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Fund PerformanceFund PerformanceActual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of a broad measure of market performance. The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of a broad measure of market performance.After-tax returns are shown for Class A shares only; after-tax returns for other classes will vary.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1 year and since inception compare with those of a broad measure of market performance.Fund Performance800-766-3863800-766-3863<b>Portfolio Turnover</b>www.rsinvestments.comwww.rsinvestments.comThe Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance. Updated performance information for the Fund is available at www.rsinvestments.com or by calling 800-766-3863.The Fund&#8217;s past performance (before and after taxes) is not an indication of future performance.0.1755The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.-0.0057The returns in the bar chart do not reflect the impact of sales loads. If they did, the returns would be lower than those shown.<b>Annual Total Return for Class A Shares </b>(calendar year-end)-0.4952<b>Annual Total Return for Class A Shares </b>(calendar year-end)Investments, Risks, and Performance<br/><b>Principal Investment Strategies </b><b>Best Quarter</b>&nbsp;&nbsp;Third Quarter 2010&nbsp;&nbsp;<b>4.12%</b><br/><b>Worst Quarter</b>&nbsp;&nbsp;Third Quarter 2011&nbsp;&nbsp;<b>-0.63%</b>0.5191<b>Best Quarter</b>&nbsp;&nbsp;First Quarter 2012&nbsp;&nbsp;<b>4.22%</b><br/><b>Worst Quarter</b>&nbsp;&nbsp;Third Quarter 2011&nbsp;&nbsp;<b>-4.49%</b>0.2472<b>Best Quarter</b><b>Best Quarter</b>2010-09-30-0.05052012-03-310.04120.2186You may lose money by investing in the Fund. The Fund may not achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are as follows.<br/><br/>Equity Securities Risk<br/>The value of a company&#8217;s stock may decline in response to factors affecting that particular company or stock markets generally.<br/><br/>Investment Style Risk<br/>A mutual fund investing principally in value style stocks may at times underperform other mutual funds that invest more broadly or that have different investment styles.<br/><br/>Natural Resources Investment Risk<br/>Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Investments in interests in oil, gas or mineral exploration or development programs, including pipelines, may be held through master limited partnerships (&#8220;MLPs&#8221;), which are generally subject to many of the risks that apply to partnerships and may also be subject to certain tax risks.<br/><br/>Small and Mid-sized Companies Risk<br/>Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.<br/><br/>Concentration Risk<br/>Concentrating investments in the natural resources sector increases the risk of loss because the stocks of many or all of the companies in the sector may decline in value due to developments adversely affecting the sector. In addition, investors may buy or sell substantial amounts of the Fund&#8217;s shares in response to factors affecting or expected to affect the natural resources sector, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund&#8217;s cash position or cash requirements to exceed normal levels.<br/><br/>Underweighting Risk<br/>If the Fund underweights its investment in an industry or group of industries relative to the Fund&#8217;s primary benchmark, the Fund will participate in any general increase in the value of companies in that industry or group of industries to a lesser extent than the Fund&#8217;s primary benchmark.<br/><br/>Foreign Securities Risk<br/>Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. In addition, when the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.<br/><br/>Cash Position Risk<br/>To the extent that the Fund holds assets in cash and cash equivalents and not in the investments previously described, the ability of the Fund to meet its objective may be limited.<br/><br/>Liquidity Risk<br/>Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by RS Investments, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.<br/><br/>Overweighting Risk<br/>Overweighting investments in an industry or group of industries relative to the Fund&#8217;s primary benchmark increases the risk that the Fund will underperform its primary benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its primary benchmark.<br/><br/>Limited Portfolio Risk<br/>To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund&#8217;s value more than if the Fund invested in a larger number of issuers.<br/><br/>Currency Risk<br/>Investments in foreign securities are often denominated and traded in foreign currencies. The value of the Fund&#8217;s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. To attempt to protect against changes in currency exchange rates, the Fund may, but will not necessarily, engage in forward foreign-currency exchange transactions. The use of foreign exchange transactions to reduce foreign-currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar.0.0422<b>Worst Quarter</b><b>Worst Quarter</b>2011-09-302011-09-30-0.00630.16580.15750.1077-0.04490.08930.08370.02010.01540.01430.01660.05660.0102